But for consistent rental income, most investors stick with C or C+ areas.You’re probably wondering, “What exactly are the C/C+ neighborhoods?”

-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

If you provide specific information such as the address, property purchase price and value,  credit, property rental income, taxes, insurance, experience, and Fico you should be able to get a term sheet detailing all the closing costs. 

I want to dispel the myth that laundromats are passive income.

The IRS views it as taxable income because it’s not being used for the purpose of deferring taxes under the 1031 rules.For example, if you sell a property and only use part of the proceeds for the next investment, the leftover amount (after paying transaction costs, etc.) is taxed.

It's easier to scale with multifamily properties due to income potential and operations.

Their income is only 3X rent, they lack credit history, and the household is much larger, which could result in more wear and tear.

The banks thought I was a dead beat because of my debt to income ratio.  

If you paid under $230k, you’d save $30k in federal capital gains taxes and maybe another $15k or more in state income taxes.

Based on a quick answer from Perplexity it seems like there would be no issue with you buying the home and collecting passive income, but you may not be allowed to manage it yourself since that is considered active work.